When is certificate of deposit insurance participation revoked in Vietnam? Where can a decision on revoking the certificate of deposit insurance participation be complained in Vietnam?

When is certificate of deposit insurance participation revoked in Vietnam?

Pursuant to Article 16 of the Law on Deposit Insurance 2012 stipulates revoking the certificate of deposit insurance participation as follows:

1. The deposit insurance participating organization is temporarily revoked the certificate of deposit insurance participation when the State Bank of Vietnam sends document to require the temporary suspension of deposit receiving operation as prescribed by law. During the time of temporary revocation of the certificate of deposit insurance participation, the deposit insurance participating organization must pay the deposit insurance fees for the deposit not yet paid

2. The deposit insurance participating organization is revoked the certificate of deposit insurance participation when the State Bank of Vietnam sends document to revoke the license of establishment and operation of the credit organization, the license of establishment of foreign banking branch as prescribed by law.

3. Within 05 working days from the date of revoking the certificate of deposit insurance participation, the deposit insurance organization must publicly announce revocation of the certificate of deposit insurance participation on three consecutive issues of a central newspaper, a local newspaper where located the head office and branches of the deposit insurance participating organization and on website of a Vietnamese newspaper.

Thus, according to current regulations in Vietnam, deposit insurance organizations will have their certificates of deposit insurance participation temporarily revoked when the State Bank of Vietnam sends document to require the temporary suspension of deposit receiving operation as prescribed by law. The revoking procedure is specified as above.

Where can a decision on revoking the certificate of deposit insurance participation be complained in Vietnam? 

In addition, in Article 36 of the Law on Deposit Insurance 2012, complaint about deposit insurance is as follows:

1. The settlement of the complaint for the administrative decisions and acts on deposit insurance shall comply with the provisions of the Law on complaint.

2. The settlement of complaint for the decisions and acts of the deposit insurance organization is executed as follows:

a) The person who has the competence to settle the first complaint about deposit insurance is the deposit insurance organization. The time limit for settling complaints of the deposit insurance organization is 15 days from the date of receipt of the complaint;

b) Where the complainant does not agree with the decision on settlement of the first complaint, or upon the expiration of the dealine but the complaint is not resolved, the complainant may lodge complaint to the Governor of the State Bank of Vietnam;

c) The State Bank of Vietnam is responsible for settling the complaint within 30 days from the date of receiving the complaint. In case of disagreement with the settlement of complaint of the Governor of the State Bank of Vietnam, the complainant has the right to initiate a suit as prescribed by the law.

According to this Article, in the event of a complaint as you mentioned, you can file a complaint with the State Bank of Vietnam and wait 30 days for the Governor of the State Bank of Vietnam to handle the complaint. If it is not resolved or your organization does not agree, you can initiate a lawsuit at the Court according to regulations.

Best Regards!